REC
REC Limited is a Maharatna Indian government NBFC that finances India's power sector — lending to DISCOMs, transmission utilities, and renewable developers with a ₹5.84 lakh crore loan book. It also operates RECPDCL consultancy, RECIPMT training, and the India Energy Stack digital infrastructure, and is set to merge into PFC by April 2027.
- Company typePublic
- Founded1969
- HeadquartersNew Delhi, India
- Headcount501–1,000
- GTM typeB2B
- OfferingServices
What REC does
REC Limited is a Maharatna Central Public Sector Enterprise under India's Ministry of Power, operating as a government-owned Non-Banking Financial Company (NBFC) that finances the complete power sector value chain — generation, transmission, and distribution. Established in 1969 as the Rural Electrification Corporation and headquartered in New Delhi, REC extends long-term debt primarily to state-owned distribution companies (DISCOMs), transmission utilities, state electricity boards, and renewable energy developers, with a loan book of ₹5.84 lakh crore as of FY26. In September 2022 the government expanded its lending scope into infrastructure and logistics, and the company has set a target of 30% share of renewable energy financing with ₹3 lakh crore loan outstanding by 2030. Beyond lending, REC operates a wholly-owned consultancy subsidiary, RECPDCL, which manages tariff-based competitive bidding for transmission projects, handles SPV creation and transfer, and has been empaneled as a Carbon Verification Agency under India's carbon market framework. The company also runs the REC Institute of Power Management and Training (RECIPMT) in Hyderabad and holds a joint venture interest in Energy Efficiency Services Limited (EESL).
REC's revenue model is dominated by interest income on its loan book (₹5,170 crore net interest income in Q4FY26), supplemented by consultancy fees from RECPDCL and treasury income. The company raises capital through frequent domestic and international bond issuances — including a $750 million green bond in April 2023 (oversubscribed 3.5x), $500 million in September 2024, ₹2,625 crore in April 2025, and ₹4,000 crore in June 2026 — and through foreign currency term loans with institutions such as EXIM Bank. AAA-rated domestically and BBB-/Baa3 internationally, REC is now the designated nodal agency for the India Energy Stack (IES), a national digital public infrastructure initiative under the Ministry of Power that enables interoperability across grid entities, DISCOMs, generators, EV chargers, and consumers via standardized APIs and data models. The Government of India (through Power Finance Corporation, which holds 52.63%) effectively controls REC, and the President of India approved the merger of REC into PFC on June 10, 2026, targeting an effective date of April 1, 2027.
REC firmographics
Firmographics- Name
- REC
- Legal name
- REC Limited
- Website
- https://recindia.nic.in
- Company type
- Public
- Founded year
- 1969
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Short description
- REC Limited is a Maharatna Indian government NBFC that finances India's power sector — lending to DISCOMs, transmission utilities, and renewable developers with a ₹5.84 lakh crore loan book. It also operates RECPDCL consultancy, RECIPMT training, and the India Energy Stack digital infrastructure, and is set to merge into PFC by April 2027.
- Ownership category
- akta.pro rank
REC industry classification
Industry- Product category
- Power Sector Infrastructure Finance
- NAICS
- Sales Financing (522220)
- SIC
- Federal & Federally-Sponsored Credit Agencies (6111), Finance Services (6199)
- akta.pro primary industry
- REC/GO Contracting & Structuring (Spot, Forward, PPA-Linked EACs) (EUAMAKAI)
- akta.pro secondary industries
- Renewable Energy Certificates & Guarantees of Origin Trading (RECs/GoOs/I-RECs) (EUAGAAAH), REC/GO Trading Platforms & Exchanges (EUAMAKAD), REC/GO Retail Supply & Green Tariffs (Bundled/Unbundled) (EUAMAKAF)
Keywords
Where REC is headquartered
LocationHeadquarters
- HQ city
- New Delhi
- HQ country
- India
- HQ region
- Asia
Offices2 records
Markets served
REC business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- Interest Income on Loans: REC Limited's primary revenue stream is interest income from its extensive loan book, which reached an all-time high of ₹5.84 lakh crore as of FY26. The company provides financing to power sector entities including DISCOMs, transmission companies, renewable energy projects, and has expanded into broader infrastructure and logistics since government authorization in September 2022. Non-power infrastructure loans stood at ₹57,852 crore representing approximately 10% of total loan book. Net interest income was reported at ₹5,170 crore in Q4FY26.
- Bond Issuances: REC raises funds through domestic and international bond markets. In April 2025, REC raised Rs 2,625 crore through 15-year bonds at 7.02%. In September 2024, REC raised $500 million through a five-year bond at 4.78% attracting global investors. The company has also issued green bonds (raised $750 million in April 2023), and tax-saving bonds (54EC bonds) to retail investors providing capital gains tax exemptions. REC is among India's largest bond issuers with frequent public debt mobilizations.
- Foreign Currency Term Loans: REC signs foreign currency term loan agreements with institutions such as EXIM Bank. In 2023, REC signed a $100 million foreign currency term loan with EXIM Bank for refinancing loans in power, infrastructure, and logistics sectors. The company raised $1.15 billion in August 2023 through two tranches from various banks as part of its broader market borrowing program.
- Consulting and Advisory Services (via RECPDCL): Through its wholly-owned subsidiary RECPDCL (REC Power Development and Consultancy Limited), REC provides consultancy services including third-party quality testing through ERDA, bidding coordination for transmission projects, and SPV management for tariff-based competitive bidding processes. RECPDCL has been empaneled as an Accredited Carbon Verification Agency under the Indian Carbon Market framework.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Market-driven bond yields for institutional investors |
Go-to-market motion1 record
Distribution channels2 records
Marketing channels4 records
REC product offering
Product offeringCore offering
REC Limited is a Government of India Maharatna NBFC that provides long-term and medium-term debt financing to entities across the power sector value chain, including state-owned DISCOMs, transmission utilities, generation companies, and renewable energy developers. It complements this lending business with infrastructure and logistics financing, 54EC Capital Gains Tax Exemption Bonds, and consultancy services through its subsidiary RECPDCL, and serves as the Nodal Agency for the India Energy Stack digital infrastructure initiative.
Product overview
REC Limited is a Maharatna Central Public Sector Enterprise under the Ministry of Power providing infrastructure financing primarily for India's power sector. The company offers loan products for power generation, transmission, and distribution projects, as well as 54EC capital gains tax exemption bonds. Its subsidiary ecosystem includes RECPDCL for power development consultancy and transmission project management via tariff-based competitive bidding, RECIPMT for professional training in energy sector disciplines, and a joint venture in EESL for energy efficiency solutions. The India Energy Stack represents REC's digital public infrastructure initiative enabling interoperability across the energy ecosystem through standardized protocols.
Differentiator
Problem solved
Functional benefit
Brands
- REC Foundation: Corporate Social Responsibility arm of REC Limited, focused on education, healthcare, and community development initiatives.
- 54EC Capital Gains Tax Exemption Bonds
Products and services
- Power Sector Project Term Loans Long-term and medium-term debt financing provided to state-owned DISCOMs, state power utilities, transmission companies, generation companies, and renewable energy developers across India.
- 54EC Capital Gains Tax Exemption Bonds Capital gains tax exemption bonds notified under Section 54EC of the Income Tax Act, issued to individual and HUF taxpayers investing proceeds from property sales; channelises retail funds into the power sector.
- Infrastructure and Logistics Financing Debt financing for infrastructure and logistics projects, extending REC's mandate beyond its traditional power-sector focus into highways, ports, and logistics assets.
- Renewable Energy Project Financing Project finance for renewable energy developers and project SPVs developing solar, wind, and hybrid power projects in India.
- Transmission Project Bid Process Coordination Bid process coordination and project management services for transmission projects, including HAM projects, delivered by RECPDCL to central and state transmission utilities.
- Consultancy Services (RECPDCL) Advisory and consultancy services in power sector and infrastructure projects, delivered through REC's wholly-owned subsidiary RECPDCL.
- Training and Capacity Building (RECIPMT) Training, certification, and capacity-building programmes for power-sector professionals and stakeholders, delivered through RECIPMT.
- India Energy Stack (IES) Digital public infrastructure platform for India's energy ecosystem, with REC acting as the Nodal Agency responsible for coordination and implementation.
Quantifiable outcome
- Loan book of ₹5.84 lakh crore, the highest ever for REC
- +5 more outcomes
Companies that use REC
Customer profileNamed customers6 records
Segments4 records
Ideal customer profiles3 records
REC technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
REC partnerships and signals
Strategic signalPartnerships
Twelve partnerships are on record, tiered core and minor.
- Tata Power Company LtdcoreTata Power received a Letter of Intent from RECPDCL for acquiring Ryapte Power Transmission Ltd, a project SPV with annual transmission charges of Rs521.07 crore. The project involves developing approximately 250-km transmission network in Karnataka featuring 400 kV and 220 kV double-circuit transmission lines under a 35-year build-own-operate-transfer model.
- Maharashtra State Electricity Transmission Company Limited (MSETCL)coreREC Limited completed the sale and transfer of Jalna Power Transmission Limited SPV to MSETCL through RECPDCL. Total consideration was ₹3.21 crore. The SPV had negligible contribution to REC's turnover, revenue, and net worth.
- JNPA (Jawaharlal Nehru Port Authority)minorJNPA signed strategic agreements including with RECPDCL during the 37th Foundation Day of JNPA, alongside partnerships with CSIR-NEERI, CESL, EESL, and IIT Madras for sustainability, infrastructure, energy efficiency, and advanced maritime technology development. NIVIDA, India's first AI-powered tender evaluation platform, was also launched at this event.
- Resonia LimitedcoreResonia Limited acquired Hampapura Power Transmission Limited (an SPV of intra-state transmission project in Karnataka) from RECPDCL for ₹8.61 crore through tariff-based competitive bidding. Neither buyer belongs to REC's promoter group.
- Engineering Research and Development Association (ERDA)coreREC Limited signed an MoU with ERDA to provide third-party quality testing and assurance for materials used under India's Revamped Distribution Sector Scheme (RDSS). The collaboration includes quality testing, technical support, capacity-building initiatives, and development of quality assurance frameworks for power distribution materials. ERDA's accredited laboratories conduct laboratory assessments and on-site inspections for transformers, inverters, protection apparatus and other key components. The initiative aims to ensure deployed materials conform to prescribed standards and enhance operational reliability.
- Bihar State Power Transmission Company Limited (BSPTCL)coreREC Power Development and Consultancy Limited (RECPDCL) and BSPTCL signed an MoU to develop intra-state power transmission projects in Bihar through the Tariff-Based Competitive Bidding (TBCB) route. The partnership aims to modernize the grid, reduce transmission losses, improve power quality, and create a resilient transmission network to support rising electricity demand and industrial growth in Bihar. The collaboration is expected to encourage greater private-sector participation and attract investment into Bihar's transmission infrastructure.
- Lala Lajpat Rai Memorial Medical College, MeerutminorREC Foundation (REC's CSR arm) signed an agreement to provide doorstep primary healthcare to underserved communities in Meerut district, Uttar Pradesh, allocating Rs 1.20 crore to procure and operate a Mobile Medical Unit for three years.
- I-Hub Foundation for CoboticsminorREC committed ₹1.40 crore under its CSR initiative to fund the Green Innovator Immersive Learning Lab project across 10 government schools in Karnal district, Haryana, implemented by I-Hub Foundation for Cobotics. The project includes augmented reality, virtual reality, 3D tools, and STEM-based modules.
- PTC India LtdcoreREC signed a tripartite agreement with South Bihar Power Distribution Company Limited, North Bihar Power Distribution Company Limited, and PTC India Ltd to introduce third-party verification for smart meter rollouts under the Revamped Distribution Sector Scheme in Bihar. The pilot program aims to ensure smart meter installations meet proper standards and improve accountability in large-scale infrastructure projects.
- Assam Power Distribution Company LtdcoreREC, as the nodal agency for implementing the India Energy Stack (IES), demonstrated a second use case with Assam Power Distribution Company Ltd, enabling consumers to access granular electricity data including 15-minute block load profiles and receive electricity bills as digital credentials on DigiLocker. IES is a national digital public infrastructure initiative under the Ministry of Power.
- Dilip Buildcon LimitedcoreDilip Buildcon Limited acquired Mekhali Power Transmission Limited (an SPV of intra-state transmission project in Karnataka) from RECPDCL for approximately ₹8.06 crore through tariff-based competitive bidding. Neither buyer belongs to REC's promoter group.
- Energy Efficiency Services Limited (EESL)coreEESL is a joint venture company of REC along with three other power sector CPSEs, focused on energy efficiency technologies. EESL implements government schemes including UJALA (LED bulb distribution), Street Lighting National Programme (SLNP), and is the National Mission Manager for the enhanced National Mission for Enhanced Energy Efficiency (NMEEE) under India's National Action Plan on Climate Change. REC has contributed ₹218.10 crore to EESL's equity share capital.
Scale indicators10 records
Recent moves7 records
Expansion highlights7 records
REC competitors and assessment
Company assessmentBroad incumbents
- National Bank for Agriculture and Rural Development (NABARD): NABARD is a government-owned development finance institution providing credit for agriculture and rural infrastructure. As a parallel sectoral development financier under the RBI, it shares REC's institutional structure of policy-driven lending to state entities and rural sector exposure (REC was historically Rural Electrification Corporation).
- State Bank of India (SBI): SBI is India's largest public sector bank and a significant competitor in power sector lending, including renewable energy project finance. It represents the larger, deposit-taking incumbent bank alternative to REC's specialized NBFC model in financing the same government and state-owned utility borrowers.
- Small Industries Development Bank of India (SIDBI): SIDBI is a principal financial institution for MSME financing and a government-owned development finance institution. While focused on smaller enterprises, it shares REC's bond-market funding model, Maharatna-like status, and government mandate-driven lending approach.
- LIC Housing Finance: LIC Housing Finance is a major government-linked housing finance company raising capital through similar bond market channels and maintaining AAA credit ratings. While focused on mortgages rather than power infrastructure, it shares REC's profile as a large government-linked NBFC funding long-tenure assets.
- Housing and Urban Development Corporation (HUDCO): HUDCO is a government-owned NBFC providing long-term finance for housing and urban infrastructure projects. As a fellow listed PSU NBFC raising funds through similar bond market channels and serving government-priority sectors, it shares operational parallels with REC despite focusing on housing rather than power.
Emerging players
- National Infrastructure Investment Fund (NIIF): NIIF is a government-backed investment platform managing pooled equity capital for infrastructure investments, including green energy platforms. While primarily equity-focused rather than debt-focused like REC, it competes for the same high-quality infrastructure assets and developers.
Direct peers
- India Infrastructure Finance Company Limited (IIFCL): IIFCL is a government-owned infrastructure finance company providing long-term debt for infrastructure projects including power, roads, and urban infrastructure. It overlaps with REC's non-power infrastructure lending vertical that was authorized in September 2022.
- Power Finance Corporation (PFC): PFC is REC's parent company (52.6% stake) and India's other Maharatna power sector NBFC, with overlapping lending to DISCOMs, transmission companies, and renewable energy projects. The two together dominate India's power-sector infrastructure financing and are slated to merge by April 2027.
- Indian Renewable Energy Development Agency (IREDA): IREDA is a government-owned NBFC specializing in renewable energy project financing, directly comparable to REC's renewable energy lending vertical. Both serve as the primary institutional financiers for India's solar, wind, and hybrid renewable projects under Ministry of New & Renewable Energy mandates.
- National Bank for Financing Infrastructure and Development (NaBFID): NaBFID is India's dedicated infrastructure development bank established in 2021, providing long-term financing for infrastructure projects including power, transportation, and logistics — directly competing with REC's expanded mandate into non-power infrastructure and logistics financing.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
REC social profiles
Digital presenceREC compliance and trust
Trust signalCompliance4 records
REC financial estimates
Financial estimateRevenue estimate
Valuation estimate
REC leadership team
Management profileNumber of profiles
Profiles1 record
REC subsidiaries and ownership
Company hierarchySubsidiaries3 records
REC funding detail
Funding detailFunding overview
Funding rounds10 records
Investors16 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
REC M&A and investment
M&A and investmentM&A
Investments13 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about REC
What does REC do?
REC Limited is a Government of India Maharatna NBFC that provides long-term and medium-term debt financing to entities across the power sector value chain, including state-owned DISCOMs, transmission utilities, generation companies, and renewable energy developers. It complements this lending business with infrastructure and logistics financing, 54EC Capital Gains Tax Exemption Bonds, and consultancy services through its subsidiary RECPDCL, and serves as the Nodal Agency for the India Energy Stack digital infrastructure initiative.
Is REC a public or private company?
REC is a public company. It is classified as state government owned and is currently operating.
When was REC founded?
REC was founded in 1969. It employs 501 to 1,000 people.
Where is REC based?
REC is headquartered in New Delhi, India, in the Asia region.
How does REC make money?
Four revenue lines are on record. Interest Income on Loans are the primary driver. The others are bond Issuances, foreign Currency Term Loans and consulting and Advisory Services (via RECPDCL).
Who are REC's main competitors?
Broad incumbents on record are National Bank for Agriculture and Rural Development (NABARD), State Bank of India (SBI), Small Industries Development Bank of India (SIDBI), LIC Housing Finance and Housing and Urban Development Corporation (HUDCO). National Infrastructure Investment Fund (NIIF) is listed as an emerging player. Direct peers are India Infrastructure Finance Company Limited (IIFCL), Power Finance Corporation (PFC), Indian Renewable Energy Development Agency (IREDA) and National Bank for Financing Infrastructure and Development (NaBFID).
Does REC have an API?
No public API is recorded for REC.
What industry is REC in?
REC's product category is Power Sector Infrastructure Finance. Its primary akta.pro industry code is EUAMAKAI, REC/GO Contracting & Structuring (Spot, Forward, PPA-Linked EACs), with a secondary code of EUAGAAAH, Renewable Energy Certificates & Guarantees of Origin Trading (RECs/GoOs/I-RECs). Its NAICS code is 522220 and its SIC code is 6111.